General prohibition | Practical Law
General prohibition
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General prohibition
Practical Law UK Glossary 4-107-6643
(Approx. 4 pages)
Glossary
General prohibition
The prohibition imposed by
section 19
of the
Financial Services and Markets Act 2000
(FSMA), which states that no person may carry on a
regulated activity
in the UK, or purport to do so, unless that person is an
authorised person
or an
exempt person
.
When considering this term in the context of financial services, reference should be made to the
FCA Handbook
glossary definition of
general prohibition
.